Establishment of deferred member’s account
This section has no associated Explanatory Memorandum
47.—(1) This regulation applies when an active member of this scheme becomes a deferred member of this scheme in relation to a continuous period of pensionable service.
(2) The scheme manager must—
(a)close the active member’s account for that period of service; and
(b)establish a pension account for the deferred member for that period of service.
(3) For the purpose of these Regulations, an account established under paragraph (2)(b) is called a deferred member’s account.